IBT Staff Reporter

Workers at a strike-bound Honda Motor parts factory in southern China pressed on with a drive to win higher wages on Monday while the carmaker lured back many to partly resume production.

The Swiss government failed to act swiftly to prevent a credit and tax crisis that had endangered banking giant UBS AG in 2008-2009 and could have sunk the Swiss economy, a parliamentary report said on Monday.

Workers at a strikebound Honda Motor parts factory in southern China pressed on with a drive to win higher wages on Monday even as the Japanese carmaker lured some back to partially resume production.

China warned on Monday that Europe's struggle to contain ballooning debt posed a risk to global economic growth, raising the specter of a double-dip recession.

In order to extend cooperation in cotton markets, the International Cotton Association and China Cotton Association (CCA) have joined hands to formally acknowledge the cooperation between the two trade associations.

China's National Development and Reform Commission (NDRC) on Monday slashed gasoline prices by 230 yuan per tonne and diesel prices by 220 yuan per tone. However, NDRC increased onshore domestic gas prices by 24.9 percent to 1,155 yuan ($169.1) per tone per 1,000 cubic metres.

Russian energy giant Gazprom has expressed hope that it can export larger natural gas in 2010 as the global economy has begun to recover after the crisis.

Surge in crude oil storage capacity in emerging markets will help lift global average annual growth rate (AAGR) in oil storage capacity by 4.9% during 2009-15. Emerging markets constitute 26% of the global storage capacity, according to an analysis by Research and Markets.

Gold is marginally lower and threading water in most currencies today with markets subdued as the London Stock Exchange and Wall Street are closed for a national holidays.

Bharatbook has added a new report on Gems and Jewellery Market in India 2010. It is a consumer goods series. It gives export and the import structure of the Gems and Jewellery market in India.

Resignations from BP Plc's fuel oil team have extended globally, with the departure of three traders from its U.S. office, including the team leader, and the head trader in London, three industry sources said on Monday.

British Airways could face even more strike disruption this summer unless it resolves a dispute with cabin crew over travel perks, the co-leader of Britain's biggest union Unite said on Monday.

Retailers are expected to show a sizable increase in sales for the month of May, but erratic trends of consumer spending could grow more pronounced over a seasonally weaker period for shopping.

Netbook PC pioneer Asustek Computer Inc has become the latest technology company to jump on the tablet PC bandwagon on Monday, joining cross-town rival Acer Inc in jostling with Apple Inc in the nascent sector.

Hitachi Ltd , Japan's largest electronics maker, will focus investments on infrastructure-related businesses such as power plants as it seeks to more than double its profit over the next three years.

A Pakistani court on Monday lifted a ban on social networking website Facebook which had carried a competition to draw the Prophet Mohammad, but access to any blasphemous material will remain blocked, a lawyer said.

The euro steadied from recent falls and world stocks were becalmed on Monday with a Chinese warning about risks to global growth and a downgrade of Spain's credit heightening investor caution in holiday-thinned trade.

Hitachi Ltd , Japan's largest electronics maker, plans to focus spending on infrastructure-related businesses such as power plants as it seeks to more than double its profit over the next three years.

Chinese Premier Wen Jiabao warned on Monday that global economic growth remained vulnerable to sovereign debt risks and the possibility of a second downturn, but said his own nation's growth remained on track.

The euro steadied on Monday but remained under pressure after Fitch downgraded Spain's credit rating and France said keeping its top credit rating may be a stretch without tough budget cuts.

Two U.S. Federal Reserve officials said on Monday that the euro zone debt crisis has added some uncertainty to the economic outlook but the impact is not yet big enough to influence the interest rate policy of the United States.

France admitted on Sunday that keeping its top-notch credit rating would be a stretch without some tough budget decisions, following German hints that Berlin may resort to raising taxes to help bring down its deficit.

Australian doctors are considering introducing a controversial form of genital mutilation carried out on baby girls.

A group of British nutritionists fear that the current official advice to women, which recommends they eat no more than two portions of fish a week, could risk an increase of brain disorders in children.

The heads of the Federal Reserve and the European Central Bank on Monday both singled out emerging economies as key to global financial stability.

According to researchers, babies born by caesarean section are more vulnerable to asthma, allergies and infection as they miss out on their mothers' good protective bacteria during birth.

The new injection called Prolia, has been shown to significantly cut the risk of fractures in patients with osteoporosis.

Britain and Europe are the world's costliest places to buy Apple Inc's new iPad computer, with prices around a quarter higher than in the United States, a new study has found.

Federal Reserve Chairman Ben Bernanke said the world economy depends ever more on emerging markets to maintain strong domestic growth and economic and financial stability.